Taiwan drops in Global Competitiveness

Taiwan was ranked 11th in the 2013 global competitiveness rankings by IMD (International Institute for Management and Development), due mainly to its weak domestic economy and employment.

However, Taiwan remained third place in the Asia Pacific region for the third consecutive year despite dropping from 7th to 11th this year.

Focus Taiwan reported that Minister of the Council for Economic Planning and Development Mr. Kuan Chung-Ming said that the government will take measures to respond to its fall in the rankings, including relaxing regulations, improving government efficiency and helping to enhance business efficiency.

IMD suggested that Taiwan needs to strengthen economic innovation and openness, and should implement industrial restructuring and upgrades.